Industrial Automation Market is expected to reach US$ 233.94 Billion by 2028
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Industrial automation uses control systems such as robots, computers, and information technologies to handle various machinery in an industry to replace human intervention. The industrial automation systems are classified into process plant automation and manufacturing automation depending on the operations involved. Industrial automation offers high product quality, reliability, and production rate while reducing production and design costs by deploying new, innovative, and integrated technologies and services. They possess various features, such as high productivity, quality, flexibility, and information accuracy, which is likely to increase the uptake of automation in the industrial sector during the forecast period. Also, the surge in the uptake of automation solutions in the oil & gas, manufacturing, chemicals & materials, pharmaceuticals, and other industries, is driving the industrial automation market.
Companies Mentioned are: ABB LTD.; B&R Industrial Automation GmbH; HITACHI LTD.; Industrial Automation (M) SDN BHD.; Koyo Electronics Industries Co., LTD.; Mitsubishi Electric Corporation; Omron Corporation; Rockwell Automation; Siemens; and Yokogawa Electric Corporation
The increasing penetration of advanced technologies, such as machine learning (ML), the internet of things (IoT), and artificial intelligence (AI), has helped accelerate the growth of the industrial automation market. Vision-guided robots are experiencing a rise in demand across the sector due to their efficiency in completing repetitive tasks, such as bottle handling, bin picking, and tray loading. Numerous benefits, including enhanced traceability, improved efficiency, and high flexibility, have been driving the need for automation in the food & beverages industry over the years. These factors have encouraged food & beverages producers to invest heavily in automated technology integration across their production facilities. For instance, a US-based snack brand, Utz Brands Inc., announced its plans to integrate automated capabilities across its production plants to reduce its operational cost in 2021.
Similarly, Hormel Foods is also planning to incorporate automation across its production facilities in 2022. Other food & beverage brands rapidly adopting automated technology include Tyson Foods and ITC. Thus, the rise in investment in automation across the food & beverages industry is fueling the growth of the industrial automation market. Furthermore, the rising product development and strategic initiatives from key market players for industrial automation applications lead to market growth. For instance, in January 2022, the Khronos Group launched a new initiative with the European Machine Vision Alliance (EMVA) to produce an open, royalty-free API standard to regulate camera system runtimes in embedded, mobile, industrial, XR, automotive, and scientific industries. Thus, the rise in investments by global companies is boosting the uptake of machine vision systems and driving the industrial automation market.
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Market Insights - Industrial Automation Market
Integration of Robotics in the Construction Industry Propel Industrial Automation Market
Construction is one of the most manual-intensive industries, with physical labor being the primary source of productivity. Robots do not yet play a substantial role in any stage of a building's lifecycle, whether it be new commercial construction, refurbishment, or deconstruction. However, with the rising automation across all industries, the global construction sector is also experiencing a surge in investment in automated solutions, such as robots. For instance, Shimizu Corporation made investments worth US$ 180.7 million since 2015 for the development of construction robots, such as Robo-Welder and Robo-Buddy. These factors further fuel the adoption of robots across the construction industry, which is expected to contribute to the industrial automation market growth over the forecast period.
GLOBAL INDUSTRIAL AUTOMATION - MARKET SEGMENTATION
Industrial Automation Market - By Component
Industrial Automation Market - By System Type
Supervisory Control and Data Acquisition
Distributed Control System
Programmable Logic Control
Industrial Automation Market - By End Users
Oil & Gas
Food & Beverage
Chemical & Materials
Aerospace & Defense
Global Industrial Automation Market by Region
Middle East and Africa
Moreover, key companies contributing to Fiber Laser market valuation are studied thoroughly. The study entails a list of these companies along with exhaustive information regarding their offerings, strategic decisions such as partnerships, product launches, mergers & acquisitions and SWOT analysis.
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